Woodside exercises pre-emptive right to buy PetroChina’s stake in Browse JV
FILE PHOTO: A view shows Woodside Energy’s headquarters in Perth, Australia, April 19, 2025. REUTERS/Christine Chen/File Photo
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June 12 : Woodside Energy said on Friday it had exercised its pre-emptive right to acquire PetroChina’s 10.67 per cent stake in the Browse gas fields off the coast of Western Australia, blocking a deal agreed with Japan’s Inpex.
Under the terms of the transaction, Woodside will pay $225 million to PetroChina, along with reimbursement of cash call contributions made since June 30, 2025.
The agreement also includes a contingent payment of $175 million, if the Browse joint venture reaches a final investment decision on the development of the Brecknock, Calliance and Torosa gas fields by June 30, 2032.
Browse is Australia’s largest undeveloped conventional gas resource and is expected to support a proposed development linking the offshore fields to the North West Shelf LNG facilities in Western Australia.
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Shares of Australian oil and gas firm Woodside were down 2.8 per cent at A$30.64, as of 0024 GMT, while the broader energy sub-index was down 1.3 per cent amid weaker oil prices.
The decision to exercise the pre-emptive right comes after Woodside’s indication in mid-May that it was evaluating whether to match Inpex’s proposed purchase of the stake.
The acquisition will increase Woodside’s interest in the project to 41.27 per cent, assuming no other participant exercises pre-emption rights, and remains subject to regulatory approvals and other customary conditions.
PetroChina bought its stake in the project, operated by Woodside, for $1.63 billion in December 2012 from BHP.
The Browse JV partners include Woodside, BP and Japan LNG, a joint venture between Mitsui and Mitsubishi.
Inpex and PetroChina didn’t immediately respond to Reuters requests for comment.
Separately, Inpex is grappling with escalating industrial action at its Ichthys LNG facilities in Australia and has moved to halt strikes, warning prolonged disruptions could affect exports and domestic supply.
Source: Reuters
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